Reversal of Input Credit interest and penalty is applicable

Reversal of Input Credit interest and penalty is applicable https://www.taxtmi.com/forum/issue?id=109539 Reversal of wrongly availed input credit under VAT attracts interest; if the taxpayer reverses the credit and pays interest before any departmental notice, penalty is ordinarily not imposed. Treatment depends on state VAT law, with Karnataka VAT indicated as the likely applicable framework. en-us Tue, 15 Dec 2015 17:27:47 +0530 Thu, 23 Jan 2025 15:56:37 +0530 TaxTMI RSS Generator Reversal of Input Credit interest and penalty is applicable https://www.taxtmi.com/forum/issue?id=109539 Reversal of wrongly availed input credit under VAT attracts interest; if the taxpayer reverses the credit and pays interest before any departmental notice, penalty is ordinarily not imposed. Treatment depends on state VAT law, with Karnataka VAT indicated as the likely applicable framework. Discussion-Forum VAT / Sales Tax Tue, 15 Dec 2015 17:27:47 +0530 https://www.taxtmi.com/forum/issue?id=109539